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Student Loans

Standard packaged loan amounts for 2014-15:

First Year

Sophomore

Junior

Senior

 $        3,500

 $           4,500

 $  5,500

 $   5,500

The loan source(s) will vary depending upon the student's federal and institutional eligibility. 


Federal Direct Loan

Types

  • Subsidized (need based)
    • Loan principal is deferred and the government pays the interest on the loan while you are enrolled at least half-time.
  • Unsubsidized (non-need based)
    • Loan principal may be deferred but interest accrues.  If you choose to defer interest, it will be added to the principal of the loan.

Interest Rate & Repayment

  • 4.66% for subsidized and unsubsidized loans after July 1, 2014.
  • Fixed interest rate
  • Fees of 1.072% are deducted from the loan when disbursed to the school. NOTE: Direct Loans that are disbursed for the first time after October 1, 2014 will have an origination fee of 1.073%.
  • Standard ten-year repayment begins six months after graduation, or ceasing to be enrolled at least half-time.  Other repayment options (including income contingent) may be available through the servicing agent. 
  • Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education.

Maximum Loan Amounts

  • First Year: $3,500
  • Sophomore: $4,500
  • Junior: $5,500
  • Senior: $5,500
  • Graduate Students: $20,500

As of July 1, 2008, students are eligible to request an additional $2,000 of unsubsidized Direct loan.

If a parent is denied the Direct PLUS loan, a student is eligible to borrow additional unsubsidized Direct loan:  $4,000 first and sophomore years; $5,000 junior and senior years.

Processing

  • All first-time borrowers will need to complete a Loan Entrance Interview and Direct Master Promissory Note. Both steps can be completed by visiting www.studentloans.gov.
  • Please click HERE for specific instructions on completing the Master Promissory Note and Loan Entrance Interview

Connecticut Code of Conduct

 

Federal Perkins Loan

General

  • The Department of Education annually allocates Wesleyan University a limited amount of Federal Perkins Loan.
  • Wesleyan uses Campus Partners to process and service this loan. 

Interest Rate & Repayment

  • 5% fixed interest
  • Ten-year repayment begins nine months after graduation.
  • Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education.

Cancellation provisions for designated areas of primary and secondary school teaching, Peace Corps and domestic service volunteers as well as careers in law enforcement.

Processing

  • All borrowers will need to sign a Master Promissory Note (MPN) for their Perkins loan. 
  • All first-time borrowers will need to complete a Loan Entrance Interview.
    Directions for the above will be e-mailed to students Wesleyan email accounts in August.

 

 

Wesleyan Loan (institutional)

General

  • Available to students who are not U.S. Citizens
  • Wesleyan uses Campus Partners to service this loan.

Interest Rate & Repayment

  • 8% fixed interest
  • Ten-year repayment beginning six months after graduation.

Deferments are granted while you are in college and for graduate or professional study or for any reason that will cause the borrower economic hardship.

Processing

  • All borrowers will need to sign a Promissory Note for their Wesleyan Loan. 
    Directions for the above will be e-mailed to students Wesleyan email accounts in August.